Home Latest News Lagos budget of N1.168 trn scales through second reading

Lagos budget of N1.168 trn scales through second reading

Lagos govt approves payment of new minimum wage

IBRAHIM QUADRI

The 2020 budget of N1.168 trillion presented by the Lagos State Governor Babajide Sanwo-Olu on Monday scaled through second reading at the State House of Assembly.

The House took the debate following a motion to that effect by the Majority Leader, Hon. Sanai Agunbiade.

Members spoke glowingly about the budget as they commended the Governor for producing such a laudable document, which when properly and carefully implemented, would better the living standard of Lagosians.

Referring the budget to the House Committee on Economic Planning and Finance to look at it and report to the House in six weeks’ time, the Speaker, Rt Hon Mudashiru Obasa, urged his colleagues to support the Governor to be able to achieve the aim of the budget.

The State Governor had presented a budget size of N1.168trillion to the State House of Assembly.

The budget, which was christened ‘Awakening to a greater Lagos,’ has deficit of 97.5bn which would be financed through internal and external borrowings.

According to the Governor, the capital would be 773bn while recurrent would stand at 441.8bn representing 62:38 ratio respectively.

The budget brekadown showed that infrastructure got the lion share 115bn followed by education that got 48bn.

He explained further that he would ensure adequate performance of the budget before December 2020, saying “I’m energized through your cillective effort to take decision. It is to imagine a new Lagos and better Lagos.”

For a better society

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